Gibson, 36, also spent time with Tom Thibodeau with the Bulls and Timberwolves, and is said to be a favorite of the coach.
He played for the Knicks in 2019-20, then re-signed in January of 2021, becoming a regular contributor in the frotcourt. Overall, Gibson averaged 5.4 points and 5.6 rebounds as New York made a run to the playoffs.
The Knicks are also reportedly signing former Celtics guard/forward Evan Fournier to a four-year contract.
“Since Gibson’s new deal will be worth the minimum, the Knicks can use up all their cap room before going over the cap to finalize the signing,” noted Luke Adams of Hoops Rumors.